The Victorian State Government is investing in manufacturing research and development projects to fuel innovation, create great local jobs and support Victoria’s manufacturing industry to compete in new global markets.
Minister for jobs and industry Natalie Hutchins announced that PolyNovo in Port Melbourne is one of 10 businesses being awarded a grant under the $15 million Made in Victoria – Industry R&D Infrastructure Fund to expand their research and development (R&D) capability.
Hutchins said, “We are investing in local industry’s R&D capability because it will have ripple effects across Victoria’s manufacturing sector, beyond fast-tracking innovative solutions to complex problems – it will help create new high-skilled jobs and fuel economic growth.”
PolyNovo designs, develops and manufactures skin regeneration solutions to treat complex wounds using its patented NovoSorb biodegradable polymer technology – which is made right here in Melbourne.
“Companies like PolyNovo and other grant recipients put Victoria at the forefront of technological advancements and boost productivity,” said Hutchins.
PolyNovo chief executive officer Swami Raote said, “This will enhance R&D competitiveness, ensuring that an exciting pipeline of future products with the potential to redefine healing will be developed in Victoria.”
Other local companies receiving funding are leading innovators in their fields, including Quantum Brilliance, Powerplus Energy, GTE Technology, IAPMO Oceania, ARKEUS and Effusiontech.
Projects supported under the Fund span critical industries including new energy, health technology, food manufacturing, defence and aerospace and advanced technology – all of which are key sectors identified in the Government’s Made in Victoria: 2030 Manufacturing Statement.
For the full list of businesses receiving funding, visit business.vic.gov.au/irdif.
